Tax Returns

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
Pharmacy Kid said:
How much did you owe or receive back?

My taxable income was $50000. Tax was 8561. Withholding was 8085 so I owed 476.
Click to expand...

Only $50,000 is taxable? Did you start working this year?

After federal, state, social security, medicare, health and dental insurance, maxing my 401 k, employee stock purchase, I am taking home **drum roll please** 50% of what I earned. I should get some money back but not much I am sure
 
BMBiology said:
Only $50,000 is taxable? Did you start working this year?

After federal, state, social security, medicare, health and dental insurance, maxing my 401 k, employee stock purchase, I am taking home **drum roll please** 50% of what I earned. I should get some money back but not much I am sure
Click to expand...

I have a lot of deductions. a lot.
 
Too much. I messed up on allowances last year by accident. This year I got it right though I think.
 
All4MyDaughter said:
Me too. And I just added another little deduction at the end of the year. Hoping it helps. :xf:
Click to expand...

My kids were born in November and December. Yet somehow the ~$4,000 tax deduction fails to cover the full cost of their care. 🙂

I have no idea what awaits me this year when I file; I've been aggressively paying off the mortgage in the past three years. This, along with a pair of re-fi's, has whacked my mortgage interest deduction way down. I've seen my refund go from the low five digits to barely four digits over that time...I might owe money this year. As a firm believer that the best tax planning practices is a refund of $0, that would be okay.
 
Last edited:
297point1 said:
My kids were born in November and December. Yet somehow the ~$4,000 tax deduction fails to cover the full cost of their care. 🙂

I have no idea what awaits me this year when I file; I've been aggressively paying off the mortgage in the past three years. This, along with a pair of re-fi's, has whacked my mortgage interest deduction way down. I've seen my refund go from the low five digits to barely four digits over that time...I might owe money this year. As a firm believer that the best tax planning practices is a refund of $0, that would be okay.
Click to expand...

That's the thing with deduction. Everyone touts deduction deduction deduction. More deduction generally means more expenses (house/child). Most of the time, it's losing $1 to save 30 cents. A Loser situation.
 
297point1 said:
My kids were born in November and December. Yet somehow the ~$4,000 tax deduction fails to cover the full cost of their care. 🙂

I have no idea what awaits me this year when I file; I've been aggressively paying off the mortgage in the past three years. This, along with a pair of re-fi's, has whacked my mortgage interest deduction way down. I've seen my refund go from the low five digits to barely four digits over that time...I might owe money this year. As a firm believer that the best tax planning practices is a refund of $0, that would be okay.
Click to expand...

I know. He's my third child and the cost is always greater than the tax deduction. This year might be the only one we come out "ahead" for him, because he was born so late in the year but we still get the full deduction.

I'm not sure how ours is going to turn out either. We also refinanced our mortgage (which was not at a high rate to begin with), and I made WAY more money than I anticipated for the year via my MTM business. We sent some pretty generous estimated tax payments to cover that, but I still am not sure. Another complicating factor is that our withholding allowances were set at three, instead of the 4 that would fit our family size. That may help things. We meet with our accountant in a few weeks and are putting off a few things (paying off my car and another large student loan payment) until we get an idea of where things stand, tax wise.

Momus said:
That's the thing with deduction. Everyone touts deduction deduction deduction. More deduction generally means more expenses (house/child). Most of the time, it's losing $1 to save 30 cents. A Loser situation.
Click to expand...

Well, if someone had a child solely for the tax deduction, that would be dumb. Most of us have kids because we want them, and the tax deduction is secondary.
 
Advertisement - Members don't see this ad
All4MyDaughter said:
Me too. And I just added another little deduction at the end of the year. Hoping it helps. :xf:
Click to expand...

Congrats! I knew you had to be due/past due soon but wasn't sure exactly when. God, it's just the best thing ever.
 
spacecowgirl said:
Congrats! I knew you had to be due/past due soon but wasn't sure exactly when. God, it's just the best thing ever.
Click to expand...

Thanks! He was born on Election Day, but I don't think I have really posted about it much.
 
Are you folks who get really big refunds aware that this money was actually yours all along? If you're getting thousands back, you need to look at your deductions and see if you can get this changed so you can use the money earlier.

As for EITC, single people without dependents were not eligible for it when I was in school. And the fact that some people get back more than they paid in makes me really, really 😡 .
 
I need help guys...How many exemptions should I put on federal w-4 form if I am single with one job? Should exemptions be the same on both federal and state allowances?

I tired to use IRS w-4 calculator but it is down for 2 weeks now!!
 
TpharmD said:
I need help guys...How many exemptions should I put on federal w-4 form if I am single with one job? Should exemptions be the same on both federal and state allowances?

I tired to use IRS w-4 calculator but it is down for 2 weeks now!!
Click to expand...

i originally had 2 for federal and 0 for state...recently changed my state to 1
 
I changed my federal withholding around August last year after doing the IRS calculator thing and still somehow I'm getting 1k back. Must have done something wrong.
 
I owe the state and got 1K federal back after all the deductions.

Gonna use it to pay interest on loans.
 
Advertisement - Members don't see this ad
rxlea said:
That mouth to feed = money into the economy. Lots of it. maybe that's why??? I dunno.
Click to expand...

But what about when that mouth to feed is being fed by the federal government. That's what I don't understand. I don't think it's fair for middle class couples to have to be responsible and only have a number of kids that they know that can afford, while others on government funds have as many as they want and continue to get funded for it. Just me ranting after seeing some statuses on facebook.
 
browneyes021 said:
But what about when that mouth to feed is being fed by the federal government. That's what I don't understand. I don't think it's fair for middle class couples to have to be responsible and only have a number of kids that they know that can afford, while others on government funds have as many as they want and continue to get funded for it. Just me ranting after seeing some statuses on facebook.
Click to expand...

Wouldn't waste your time ranting about federal aid and government hand outs around here. You are "mostly" ranting to the wrong crowd. Now dont no one get offended. Im just saying.
 
browneyes021 said:
But what about when that mouth to feed is being fed by the federal government. That's what I don't understand. I don't think it's fair for middle class couples to have to be responsible and only have a number of kids that they know that can afford, while others on government funds have as many as they want and continue to get funded for it. Just me ranting after seeing some statuses on facebook.
Click to expand...

Now that's different, I agree. But some middle class families are not responsible either. Some try to live beyond their means. Just because you have more money doesn't mean you're more responsible.
 
rxlea said:
Now that's different, I agree. But some middle class families are not responsible either. Some try to live beyond their means. Just because you have more money doesn't mean you're more responsible.
Click to expand...

Yeah, I don't mean just people who take advantage of the government. There's stupidity in all economic classes. You're definitely right about that. That makes me mad too. I just don't get living outside one's means trying to impress other people who shouldn't matter.
 
After subtracting federal, state, medicare, and social security....I am keeping 82%. Better than my 77% the year before. The difference was more retirement savings and another kid.
 
Well, after all deductions about 3k in refunds. Thank you mortgage interest deduction.
 
WVUPharm2007 said:
Why do people with children get a tax break? They got it ass backwards. I should get a tax break for not creating another mouth to feed.
Click to expand...

Why do married couples get a tax break?
 
BMBiology said:
Why do married couples get a tax break?
Click to expand...

I suppose the assumption is that the government/society has a vested interest in creating and promoting stable families for continued growth. Investing in married couples who then have an easier time affording children will then contribute to the economy.

Just look at the doom and gloom for the aging Japanese economy. They're not having enough children to upkeep their workforce and ever burdening elderly population. The government needs to promote more sex lol.
 
Is that why people get married? What happened to "love"?
 
BMBiology said:
Is that why people get married? What happened to "love"?
Click to expand...

Meh, marriage was for thousand of years nothing but a money/status transaction and for making children to contribute to the family work. I think "love" marriages are a more recent (like past 100 yrs) concept, hehe.
 
Advertisement - Members don't see this ad
BMBiology said:
Why do married couples get a tax break?
Click to expand...

They don't always. There are situations where it's more advantageous for married couples to file separately.

BMBiology said:
Is that why people get married? What happened to "love"?
Click to expand...

I doubt many people get married for the "tax break." Just like I doubt anyone is having kids for that deduction.
 
All4MyDaughter said:
They don't always. There are situations where it's more advantageous for married couples to file separately.



I doubt many people get married for the "tax break." Just like I doubt anyone is having kids for that deduction.
Click to expand...

Could you imagine their oaths?

"Do you x take y to be your lawfully wedded tax benefit?"

"Will you remain faithful for richer or richer so long as you both shall be a financial benefit?"

I imagine the proposal would be unique too.

"I want to grow old with you so long as you die first and I'm the beneficiary of a life insurance policy. I want to be the father of your children and see you reproduce and secrete my little tax deductions. Will you agree to enter into the legally binding financially beneficial contract known as marriage as my wife?"
 
Digsbe said:
Could you imagine their oaths?

"Do you x take y to be your lawfully wedded tax benefit?"

"Will you remain faithful for richer or richer so long as you both shall be a financial benefit?"

I imagine the proposal would be unique too.

"I want to grow old with you so long as you die first and I'm the beneficiary of a life insurance policy. I want to be the father of your children and see you reproduce and secrete my little tax deductions. Will you agree to enter into the legally binding financially beneficial contract known as marriage as my wife?"
Click to expand...

👍 :laugh:
 
BMBiology said:
Why do married couples get a tax break?
Click to expand...
They don't if they each have taxable income over $71k such as with two pharmacists. At this point, the 28% tax bracket starts for married filers, (doesn't matter if filing jointly or separately), while single filers are still in the 25% tax bracket until $85k. It's called the "marriage penalty". Also married filers are likely to get hit by the Alternative Minimum Tax around the $150k-400k income range.
 
What deductions are you guys doing? I need to start to deduct stuff too...Not sure what is deductible...I am a new grad
 
BMBiology said:
Is that why people get married? What happened to "love"?
Click to expand...

There is no reason for most men to marry. It's a proposition that you have a good 50% chance of losing everything you have and then paying your ex-wife tens of thousands, if not hundreds of thousands, in child support. And maybe alimony, too.

Thankfully, I married a woman who doesn't want children, has been sterilized, and is more my best friend than anything else. Plus she does the same thing as me, so I'm not expected to assume the traditional male role of provider/slave.
 
BMBiology said:
Is that why people get married? What happened to "love"?
Click to expand...

There are still people who get married for love, I know I am. Just marry someone who you have similiar interests in common with and make sure you have the same financial interests. Both me and my fiance both want to retire by 65 and don't plan on spending our money to impress those around us. We only buy what we truly need and don't like having debt we know we can't pay off within a few months or year (not including a future house of course). So many people are marrying thinking about how much money they will now have to buy materialistic possessions and they end up getting divorced. I hate seeing how obsessed people are with getting expensive cars, houses, clothes, purses, etc. instead of being happy with the simple things.
 
I was never a person who was crazy about kids, still don't really like other peoples', but I think my kid is pretty much the best thing that ever happened to me.
 
Advertisement - Members don't see this ad
spacecowgirl said:
I was never a person who was crazy about kids, still don't really like other peoples', but I think my kid is pretty much the best thing that ever happened to me.
Click to expand...

That's pretty much me to a T.

And as much as people complain about taxes, I can't wait to be in a position where I'm actually paying them. If only because I can't wait to... what's that word? "Work?"
 
pharm B said:
That's pretty much me to a T.

And as much as people complain about taxes, I can't wait to be in a position where I'm actually paying them. If only because I can't wait to... what's that word? "Work?"
Click to expand...

You might have been looking for "earn" or possibly "be paid" 😉
 
Finished the Federal Income taxes last night...I'm getting a refund of 31 bucks. I've finally got my withholds correct!

I'm not going to spend it all in one place. 🙂
 
freaking crazy....if you are making more than 50,000 you cannot write off your student loan interest..if you are married, you cant make more than 150,000....i just found out after talking to my accountant...the only thing i can write off is my mortgage interest!!!
 
504poboy said:
freaking crazy....if you are making more than 50,000 you cannot write off your student loan interest..if you are married, you cant make more than 150,000....i just found out after talking to my accountant...the only thing i can write off is my mortgage interest!!!
Click to expand...

That's not news lol >_>;
 
Getting back about $12,000 between state and federal, and that's with about $6000 in self-employment income for doing LTC consulting that didn't have anything withheld from it. No deductions other than married filing jointly + 2 kids. I don't know how that happened, but I wasn't expecting much back - I wouldn't have been surprised if I had ended up owing something - so I'm not complaining.
 
i owe 2k for maryland, getting 490 from fed. after all the taxes i paid im still owing that much? i didnt make any changes to w-4 etc. i paid more taxes than a tech salary n they still want more. what a corrupt system.
 
All4MyDaughter said:
Don't have mine yet, but hoping to come out even. Self employed, so I paid estimated taxes throughout the year. We'll see!
Click to expand...

Well here's my update and it's not good news. My MTM company made about 50% more than I anticipated it would in 2012, and the additional income (which was all in December) bumped me into a higher tax bracket. I made quarterly tax payments, but we're still going to owe. Worst case scenario from the accountant is that we might owe $10,000 😱 (federal/state/local) but he's still working on it. And we are looking for some more deductions too! :laugh:
 
All4MyDaughter said:
Well here's my update and it's not good news. My MTM company made about 50% more than I anticipated it would in 2012, and the additional income (which was all in December) bumped me into a higher tax bracket. I made quarterly tax payments, but we're still going to owe. Worst case scenario from the accountant is that we might owe $10,000 😱 (federal/state/local) but he's still working on it. And we are looking for some more deductions too! :laugh:
Click to expand...
Any way you can push the December earnings back a bit so they wind up in January? It's a shame if all the hard work just winds up in that higher bracket.
 
Ackj said:
Any way you can push the December earnings back a bit so they wind up in January? It's a shame if all the hard work just winds up in that higher bracket.
Click to expand...

Actually... I just got paid for December, so that money wasn't included in the figure on my 1099 anyway. Forgot I that all the extra work I did in December wasn't included in the figure. Wow, I had a good year!
 
Advertisement - Members don't see this ad
You must log in or register to reply here.

Similar threads

sunnyandseventytwo
Big Beautiful Tax Bill
Replies
18
Views
4K
RxPreceptor
RxPreceptor
mentos
New EV tax credit bill to be signed on Monday
2
Replies
62
Views
5K
DoctwoB
DoctwoB
P
Paycheck and Tax Calculator
Replies
7
Views
3K
pezdispenser
P
Sparda29
How are you handling returns in hospital pharmacy?
Replies
4
Views
831
BelowTheMean
B
W
tax and 403b question
Replies
7
Views
1K
wucool33
W
Top Bottom